Kodak says it has reached an agreement with some of its lenders to finalize terms of its financing as it plans to get out of Chapter 11 this year.
The company says it is now committed to achieving at least $600 million in cash proceeds by selling certain assets including the Document Imaging and Personalized Imaging businesses, which are the scanners and the kiosks.
At Brighton Securities, George Conboy says Kodak originally had hoped to get at least $700 million from selling those two businesses.
Kodak also says that the company and its lenders will hire a search firm to identify potential new members of the Board of Directors who will lead Kodak after it gets out of Chapter 11. The board also expects to hire an additional independent director after the financing closes.
It's expected the financing will close in mid to late March. Kodak still expects to emerge from bankruptcy by the middle of this year.